Resignation of Chief Financial Officer
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The board of Kalind Ltd accepted the resignation of CFO Mrs. Preeti R. Mistry (citing personal reasons/pre-occupation) effective Feb 28, 2026, and appointed Mr. Vijay Palsingh Gulya, a chartered accountant with 19+ years of experience, as new CFO from March 1, 2026. Company Secretary Ms. Poonam Khemka also resigned on the same date, and both the statutory auditor (M/s JMMK & Co) and secretarial auditor (CS Nitin Sarfare) resigned citing pre-occupation. The board also approved a share-swap acquisition of 100% of DBJ Multi Services Pvt Ltd for up to Rs 310 crores, to be paid via preferential issue of 2.58 crore equity shares at Rs 120 each, making it a wholly owned subsidiary. The acquisition involves promoters (Jasani family) as sellers and directors of the target firm, classifying it as a related-party transaction. An EGM is scheduled for March 27, 2026 for shareholder approval, and authorized share capital is proposed to be raised from Rs 122 cr to Rs 1,000 cr.
The simultaneous exit of three key managerial personnel and both auditors on the same date is unusual and may concern investors. More importantly, the proposed acquisition of a promoter-linked entity with negligible turnover (Rs 36 lakh in FY25) for Rs 310 crores through share swap will result in significant equity dilution and warrants close scrutiny by shareholders before the March 27 EGM.